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gaukonigshofen t1_je07fg4 wrote

Now I'm beginning to understand why sone people hid (still hide) money in mattress

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WanderingPickles t1_je0ech4 wrote

Why?

These people were making/retaining money (by reducing tax exposure) via shady means. They didn’t lose money in the trading activity.

Putting cash in a mattress is a sure way of losing value. $100/€100 in 2005 is now worth $64.92/70.68.

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WanderingPickles t1_je0iw01 wrote

There is always risk. However, sitting on physical cash is a bad idea. I googled the inflationary changes and those numbers are correct.

The least bad option is to park cash in a savings accounts. At least you get a fraction of inflation.

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SourDi t1_je1mce9 wrote

Just a cost of doing business

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AltCtrlShifty t1_je27v2d wrote

If there isn’t jail time, it was worth the risk to them.

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BadModsAreBadDragons t1_je2t66l wrote

$1.1 billion for a bank is like toilet paper, not to even mention multiple banks.

8

Excellent-Wishbone12 t1_je36buh wrote

The banks should start by getting the money back from CEO’s (former and current) and Sr. Executives who personally profited from the corruption.

Shareholders shouldn’t pay the price

1

TonySu t1_je37ch8 wrote

Pretty sure when HSBC got hit with the largest fine in history, they already had a budget for the fine, the fine came in under budget, they somehow got a tax deduction on it as an expense, and everyone got bonuses.

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Excellent-Wishbone12 t1_je38vqf wrote

Seize the assets of all senior executives current and former.

They need to return heir ill gotten profits from committing fraud on shareholders

The execs shouldn’t be allowed to live in luxury. It’s Madoff fraud.

3

be0wulfe t1_je3cn5t wrote

Depositors got made whole, largely through asset sales and their deposits being bought by other banks.

I have as yet to hear of anyone getting investigated for insider trading, which they should, or negligence or wilful malfeasance, which they also should.

And the bank wasn't bankrupt. But I've explained this as far as I care to; go read some background reporting instead of spouting off silly sound bites.

3

captain554 t1_je3cv9r wrote

Trick is to sell right before the crash: "CEO Greg Becker sold over $3.5 million in company stock, an SEC filing shows. Less than two weeks before Silicon Valley Bank became the largest bank failure since the 2008 financial crisis, top executives at the company sold stock totaling several million dollars, according to federal disclosures obtained by ABC News"

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RE5TE t1_je3q3oa wrote

Executives do that regularly. They're paid in stock, so they sell to get their money. The SEC can easily see if they sold an abnormal amount. I'm sure they're all under a microscope at this very moment.

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MiserableLychee t1_je3yyv8 wrote

They should take that 1.1 billion, double it, and give it to me.

1